USDCAD CONSOLIDATING 2 POSSIBLE SCENARIOS
Hey traders,
Here on USDCAD we can see price is consolidating at this point. Price has rejected the orange trend line multiple times.
Buyers have struggled to push price above as seen by the 4 wicks representing sellers taking control. However sellers have not been able to push price further down.
With low liquidity the rest of the week due to American Thanksgiving, I don't think we will get a clear signal until next week.
If price can break the previous week's high bulls will be in control. However if price can break below the lower orange shaded area. Then my bias will turn bearish.
Here on USDCAD we can see price is consolidating at this point. Price has rejected the orange trend line multiple times.
Buyers have struggled to push price above as seen by the 4 wicks representing sellers taking control. However sellers have not been able to push price further down.
With low liquidity the rest of the week due to American Thanksgiving, I don't think we will get a clear signal until next week.
If price can break the previous week's high bulls will be in control. However if price can break below the lower orange shaded area. Then my bias will turn bearish.
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